Asahi Kasei Realty & Residence Corporation and World Residential Co. are starting work on the redevelopment of the former Aoyama Asia Mansion in Shibuya this month. The 5-story, 60-year old condo was demolished in 2020 and will be replaced with a 14-story apartment tower.
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The iconic Nakagin Capsule Tower building in Ginza is reaching the final stages of its saga as the capsule owners have voted in favor to sell off the building and land leasehold rights. The few remaining residents will move out in the coming weeks, leaving the dystopian landmark empty and awaiting an uncertain fate.
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Office vacancies increase for 13th month, Tokyo Midtown Yaesu to open in 2022, and 98 islands identified for foreigner-transaction reporting requirements. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
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Demolition of the Kenzo Tange-designed Dentsu Tsukiji Building will start on April 18. The brutalist landmark building will be flattened to make way for a multi-block redevelopment by Sumitomo Realty & Development.
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On March 14, detailed plans for the redevelopment of the Kokusai Shin-Akasaka Buildings were released. The Akasaka 2, 6 Chome District project will see two towers of 230 meters and 110 meters tall.
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Nakano Sun Plaza, a 48-year old hotel and concert building in Tokyo’s Nakano ward, will be demolished in 2024 and replaced with a new mixed-use building by 2028. The 181 billion Yen (approx. 1.7 billion USD) project will include a 235-meter tall mixed-use office and residential tower with a concert hall and hotel on the lower floors.
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Major developer Mori Building has formed a partnership with Aman Resorts to create Aman-branded apartments on the upper floors of the Toranomon-Azabudai project currently under construction in central Tokyo.
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Togo Shrine will be redeveloping their 43-year old wedding and event building within the Shrine grounds next year.
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Nomura Real Estate Development and Asahi Kasei Realty & Residence have received official approval from Shibuya City Council for the formation of the redevelopment committee for the 56-year old Shuwa Aoyama Residence condominium.
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On June 30, the Tokyo Metropolitan Government approved the formation of the Toyomi District Town Redevelopment Committee. This committee has been established to create two 189-meter tall apartment towers in the Kachidoki and Toyomicho district on Tokyo Bay.
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